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What's Driving Rivian Stock Lower Today?

By Adam Eckert

Rivian Automotive Inc (NASDAQ:RIVN) shares are trading lower Thursday after the company reported financial results. Several analysts lowered price targets on the stock following the company's quarterly results.

Rivian reported first-quarter revenue of $95 million, which came in below the estimate of $130.5 million, according to data from Benzinga Pro. The company reported a quarterly adjusted loss of $1.43 per share, which beat the estimate for a loss of $1.44 per share.

Rivian said it produced 2,553 vehicles in the first quarter and delivered 1,227.

Despite lingering supply chain headwinds, Rivian reaffirmed expectations for producing 25,000 vehicles in 2022. The company anticipates a full-year 2022 adjusted EBITDA loss of $4.75 billion. 

"Based on the demonstrated production rates and progress we have seen in our facility, we believe if all supply constraints were resolved, our plant would have the ability to run at two times the currently expected output for the remainder of 2022," Rivian said.

Related Link: Rivian Q1 Earnings Highlights: 2,553 Vehicles Produced, 1,227 Delivered, Supply Chain Constraints And More

Analyst Assessment: 

  • Piper Sandler analyst Alexander Potter maintained Rivian with an Overweight rating and lowered the price target from $112 to $108.
  • Wells Fargo analyst Colin Langan maintained Rivian with an Equal-Weight rating and lowered the price target from $40 to $24.
  • RBC Capital analyst Joseph Spak maintained Rivian with an Outperform rating and lowered the price target from $100 to $77.

RIVN 52-Week Range: $19.25 - $179.46

The stock was down 4.03% at $19.77 at press time.

Photo: courtesy of Rivian.

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Dive Deeper:
What's Going On With Rivian Stock Today?
Rivian Automotive Inc (NASDAQ: RIVN) shares are trading lower Wednesday alongside several companies in the broader consumer discretionary space amid overall market weakness…
Why Unity Software Stock Is Trading Lower Today
Unity Software Inc (NYSE: U) shares are trading lower Wednesday morning after the company reported financial results and issued guidance below analyst estimates. 
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Rivian Automotive, Inc (NASDAQ: RIVN) was falling over 7% lower on Wednesday as the electric vehicle manufacturer headed into its…
Rivian Is A 'Show-Me-The-Money' Story But Has 'More Pieces In Place' Than Peers: Analysts React To Q1 Earnings
Electric vehicle company Rivian Automotive Inc (NASDAQ: RIVN) reported first-quarter production of 2,553 vehicles. The company delivered 1,227 vehicles in the…
One subscription that gives you access to news from hundreds of sites
Rivian Q1 Earnings Highlights: 2,553 Vehicles Produced, 1,227 Delivered, Supply Chain Constraints And More
Electric vehicle company Rivian Automotive Inc (NASDAQ: RIVN) reported its first quarter financial results after market close Wednesday. Here are…
Rivian Sees Price Target Halved At Wedbush: Analyst Sees Potential But It's Time To 'Stop The Excuses'
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Get all your news in one place